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PeckShield Reports Massive Security Breaches and Cryptocurrency Thefts

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According to reports, PeckShield, the security team, reported that more than 200 vulnerabilities were detected in February and stole US $35.3 million, of which…

PeckShield Reports Massive Security Breaches and Cryptocurrency Thefts

According to reports, PeckShield, the security team, reported that more than 200 vulnerabilities were detected in February and stole US $35.3 million, of which about 141 occurred on February 11. It is estimated that the damage caused by BonqDAO vulnerability is $120 million, while the attacker gains about $2 million. As of February 28, 2023, US $935000 ETH and US $6000 BNB have been transferred to Tornado Cash.

Security team: more than 200 vulnerabilities occurred in February, and the theft amount reached US $35.3 million

Interpretation of the news:


According to the recent report from PeckShield, a security team specializing in crypto assets, over 200 vulnerabilities were discovered in February, leading to the loss of $35.3 million. The report indicates that February 11 was the day with the highest number of security breaches, accounting for 141 of the total incidents reported. However, the most significant particular breach occurred via the BonqDAO vulnerability, estimated to cause damage to the tune of $120 million. On the other hand, the attacker gained about $2 million from the vulnerability.

Worryingly, the report notes that the perpetrators of these cyberattacks are using more sophisticated methods, possibly taking advantage of the decentralized, anonymous, and unregulated nature of cryptocurrency trading. Given the continuing global financial crisis, such cyberattacks might become more rampant as people search for new investment opportunities.

Also, as of February 28, 2023, a total of US $935000 ETH and US $6000 BNB were transferred to Tornado Cash, a privacy-focused Etherum mixer. This development indicates the possibility of the attackers attempting to launder the stolen funds using anonymizing services.

In light of these security breaches, it is increasingly apparent that the cryptocurrency space requires more stringent measures, particularly in terms of security. Security firms should continually update their security systems, and exchanges should prioritize investing in modern security technologies. Additionally, regulators in different jurisdictions should introduce measures that minimize crypto-based fraud and hackings.

In conclusion, the recent PeckShield report highlights the vulnerabilities that continue to plague the cryptocurrency industry. As crypto trading becomes more popular, it is essential to sustain ongoing efforts to minimize the risk of hacking and fraud, making the industry safer for investors.

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